FreeWill Review: Pros & Cons

FreeWill Review: Pros & Cons – SmartAsset

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FreeWill is an online estate planning tool that allows you to create or update a legally binding will in as little as 20 minutes. It offers products such as the ability to document funeral wishes, create a durable financial power of attorney, advance healthcare directives (living wills) and give charitable contributions from your retirement or stock brokerage account. As the company’s name implies, FreeWill’s services are completely free. Funding comes from FreeWill’s partnership with more than 100 nonprofit organizations who sponsor these services. You can access the service online, giving users the ability to change or download their will at any time without needing to create a new one.

If you’d rather have a professional personally help you with your entire estate plan, consider working with a local financial advisor.

FreeWill Overview
Pros
  • Fairly robust service for free
  • Online access – Once you create you can update at any time
Cons
  • No live support
  • Relatively smaller range of products
Best For
  • Cost (free)
  • Charitable giving

FreeWill: Services & Features

For a completely no-cost service, FreeWill’s offerings are fairly robust.

First, it can cover an individual’s most important needs for a last will and testament. The website offers a questionnaire via an easy-to-use interface, asking basic information as well as other pertinent details such as current income, family information and whether users have any children or pets that they’d like to cover in their will.

For users who need to create an advance healthcare directive (also known as a living will), filling out the form will involve answering questions about some personal information, selecting a preferred physician and hospital for end-of-life care as well as selecting an agent or healthcare proxy. Then users can share what they need to about the values they wish to be upheld and other specific instructions, before finalizing with signatures and any further instructions specific to their state.

For a durable financial power of attorney, individuals will need to provide some personal information and also select an agent or agents to make financial decisions for them if they become unable to do so. Then users can choose the powers that any agent(s) will be allowed to exercise, list any specific limitations and provide other important details (i.e. compensation, monitors, guardians, revocation and how documents will be executed).

Additionally, in keeping with its commitment to charitable giving, FreeWill offers individuals ways to give a charitable contribution from a retirement account or a stock brokerage account.

FreeWill: Pricing

FreeWill’s Fee Structure
Membership Tiers
  • $0 / Free for individuals
Extra Features

FreeWill’s pricing model is straightforward, as it is free to use for individuals. As an individual user, you can draft your will, durable financial power of attorney or advanced healthcare directive via the website.

Funding comes from FreeWill’s partnership with more than 100 nonprofit organizations who sponsor these services. Nonprofit organizations can learn more about a range of tools that FreeWill offers – like a Bequest Tool, a Qualified Charitable Distributions (QCD Tool) and a Stock Gifts Tool – in order to make gifts easier for both supporters to give and organizations to receive.

FreeWill: User Support

FreeWill’s website offers a streamlined design that’s fairly easy to use. For a last will and testament, its questionnaire form is divided into parts and users can track their progress so that they know how many sections remain to fill out. For services such as advance healthcare directives and durable financial power of attorney, the site outlines the form sections and the information you’ll need to gather before you begin.

If you’re looking for immediate support from customer support representatives, FreeWill unfortunately does not provide this kind of a feature. It does, however, have a contact page as well as a help center page where users can find the answers to some frequently asked questions addressing troubleshooting and technical issues.

Thanks to insight from experts around the country, FreeWill makes sure that a user’s will complies with each state’s specific legal requirements. Of course, FreeWill makes it clear that it is not a law firm and therefore cannot provide legal advice. If you need to enlist the services of a professional attorney or even a professional financial advisor, you should do so separately.

FreeWill: Online Experience

FreeWill does not have any further mobile or online platforms available through its service, as all the final documents will be available to users once they finalize the questionnaire process on the site. There is no app or other software that a user would need to download. Given the company’s no-cost pricing model, this is probably to be expected.

How Does FreeWill Stack Up?

Comparing FreeWill to Other Services
Service Pricing Features Accessibility
FreeWill
  • $0 / Free for individuals
  • Last will & testament, durable financial power of attorney, advance healthcare directive, charitable contributions
  • No legal services or support
TotalLegal
  • $14.95 – $19.95 for legal documents
  • TotalLegal Plan subscription $89/year or $9.95/month
  • Create documents
  • With subscription: Legal services from attorneys
  • With subscription: Document storage vault service
Tomorrow app
  • Mobile app free for families
  • Free for employees covered by employers who buy Tomorrow Plus plans
  • $39.99/year for Tomorrow Plus plan not through employer
  • Mobile creation of estate planning documents, such as will, trust, healthcare directive, power of attorney
  • App allows users to connect with family members and make decisions together
  • No legal services or support
  • Mobile app

The biggest differences FreeWill has over competitors is its emphasis on charitable giving and its free services as a result of that.

Bottom Line

Overall, FreeWill is an easy-to-use website that helps those who are looking to have an official last will and testament the ability to create a simple one using their online forms. The service – including certain other end-of-life planning forms such as a durable financial power of attorney or a living will – is free to use for individuals, with an emphasis on charitable giving driving the company’s ethos and business model. While 24-hour support or live customer representative or legal support is not available with free will, its website allows users to create an account, begin and have their specific forms in just minutes – and also allows them to log in, update and download forms again at any time.

Estate Planning Tips

  • If you’re seeking more detailed advice instead of or in addition to your own estate planning steps, consider reaching out to a financial professional. Finding a financial advisor doesn’t have to be hard. SmartAsset’s free tool connects you with financial advisors in your area in five minutes. If you’re ready to be matched with local advisors, get started now.
  • Estate planning is all about looking ahead and mapping out your plan as best as possible. If you’re going the DIY route, make sure you’re aware of the possible financial consequences. Read more about the dangers of DIY estate planning and five estate planning mistakes you can’t afford to make.

Photo credit: FreeWill

Nadia Ahmad, CEPF® Nadia Ahmad is a Certified Educator in Personal Finance (CEPF®) and a member of the Society for Advancing Business Editing and Writing (SABEW). Her interest in taxes and grammar makes writing about personal finance a perfect fit! Nadia has spent ten years working as a seasonal income tax assistant, researching federal, state and local tax code and assisting in preparing tax returns. Nadia has a degree in English and American Literature from New York University and has served as an instructor/facilitator for a variety of writing workshops in the NYC area.
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How Much Does a Living Will Cost?

How Much Does a Living Will Cost? – SmartAsset

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Confronting our health and what might happen to us someday is not an easy task. Even though estate planning is emotionally challenging, it’s a necessary step to protect yourself. Not only that, without any plans, your loved ones might face unnecessary difficulties. Dealing with the assets alone can be a struggle. You wouldn’t want them worrying about making medical decisions on top of that. So, if you want to prepare for the future, it might be the right time to ask, “How much does a living will cost?”

One of the best resources for estate planning, especially end-of-life planning, is a financial advisor.

What is a Living Will?

A living will refers to a legal document that records your medical, long-term and end-of-life care choices. However, it only comes into play when you can no longer communicate your decisions to your doctors or loved ones.

Unfortunately, there are a variety of scenarios that may require a living will. For example, if you have a degenerative disease or sustain major brain trauma, you likely won’t be able to advocate for yourself. To prepare for that, individuals make a living will while still healthy and sound of mind. Some frequently mentioned directions people put in this document include ventilators, medication and resuscitation.

Factors that Impact Living Will Costs

Your estate attorney will take special care to customize your living will to fit your needs. Those specifications, however, and your circumstances can shift the price needed to make the document. Some of the factors that influence the overall cost include:

  • Location – Attorneys that work in urban areas tend to cost more than those based in suburban or urban spaces.
  • Professional Experience – Lawyers and law firms that specialize in estate planning will cost more.
  • Directive Complexity – The larger and more complicated your living will, the more expensive it will be to complete.

How Much Does a Living Will Cost?

When researching which estate planning attorney to work with, you should know the basic payment system they will use. If you know ahead of time, you can prepare accordingly. Lawyers tend to use either one of two ways: flat fees or hourly billing. However, you also have the option of do-it-yourself (DIY) living wills.

DIY Living Wills

You might be considering ways to avoid any high, professional costs in the first place. If so, a DIY living will is a cost-effective method. You can search online or visit certain stores to get a basic, pre-made form. The only actual cost, then, would be the notarizing price, which you can expect to be only around $10 to $15. That is unless you want a more complicated pre-made form or will-making software. In that case, certain websites might begin to charge you, although it will still be a low cost compared to professional help. The software typically runs from $20 to $100.

However, you should also know that writing your own legal documents comes with its complications and some risks. Your state likely has rules regarding the document’s legitimacy that you may not know. Any mistakes you make hoping to save money may end up costing you more in the long run. Also, a basic will drafted by an attorney is comparable in price to the cost of higher-end software. So, you may be financially safer to choose professional guidance.

Flat-Fee Living Wills

Once you start working with an attorney, you’ll find that they typically have one of two payment structures. A flat flee works like how it sounds. Once you decide to work with an estate planner, they will ask for one “flat” payment. The cost of that payment will depend on the factors mentioned above: location, attorney experience and and the number and type of documents needed. You can expect a low range of $300, with the higher prices easily exceeding $1,000.

However, a flat fee can be beneficial despite how shocking that price tag might be. It demands less work on your attorney’s part since they won’t have to keep track of hours and can just focus on the living will’s assembly. Also, you get to relax once the process has started, knowing you’ve done your part.

Hourly Payment Structure Living Wills

An alternative to the flat fee is hourly billing. This format will also heavily depend on the circumstances. Again, lawyers in high-traffic areas will likely charge more. So, if you’re in the city, you’ll probably find hourly rates above $300. Outside that area, it’ll drop to around $150 an hour.

Remember, a firm or lawyer’s experience and your living will’s specializations may also drive up those prices.

Benefits of Hiring an Attorney

While the online world is a convenient one, it may not provide for all your needs. DIY legal documents often cost less than working with a professional, but that’s because they’re not customized. The form comes as is ,and you simply fill it out to the best of your abilities.

Furthermore, the benefit of working with a person is exactly that. You can have a dialogue with your estate planning attorney, which is more direct than typing questions into a search engine. You can ask your attorney any concerns you may have about a living will or other legal documents. Also, the document they may for you will cater to your needs.

The Takeaway

Living wills are an important step for any individual looking into end-of-life medical and financial planning. The more vulnerable you are, the more essential they become too. If you think you might need to include a living will in your future, shop around for your best options to make one. If you have straightforward wishes, a DIY living will might be enough for you. In contrast, it may be worth speaking to a professional estate planning attorney if there are several complications. Either way, as long as you have a legal living will, you can be sure you and your family are cared for.

Estate Planning Tips

  • A key part of estate planning is figuring out how much you will have to live on. That’s where a free, easy-to-use retirement calculator can be invaluable.
  • Consider working with a financial advisor as you do estate planning. The great thing is that finding a financial advisor doesn’t have to be difficult. Using SmartAsset’s financial advisor matching tool, you can connect with professionals in your area. It only takes minutes for you to have the expert help you need, so get started today.

Photo credit: ©iStock.com/GCShutter, ©iStock.com/designer491, ©iStock.com/zimmytws

Ashley Chorpenning Ashley Chorpenning is an experienced financial writer currently serving as an investment and insurance expert at SmartAsset. In addition to being a contributing writer at SmartAsset, she writes for solo entrepreneurs as well as for Fortune 500 companies. Ashley is a finance graduate of the University of Cincinnati. When she isn’t helping people understand their finances, you may find Ashley cage diving with great whites or on safari in South Africa.
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Living Will vs. DNR: Key Differences

Living Will vs. DNR: Key Differences – SmartAsset

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When planning for the future, it’s common to think of what you’ll do with your estate and assets. However, there is more to consider than just your financial situation. You have to take into account your health and well-being, too. That’s where advance medical directives come in. By drafting one, you can ensure you and your body are well taken care of even when you can’t. There are two common ways to employ a medical directive: a living will and do-not-resuscitate (DNR) orders. A financial advisor can help you sort through the pros and cons of both options.

A Living Will Explained

A living will is a legal document that dictates your personally approved medical decisions for future, long-term and end-of-life care. It records your wishes as instructions for your doctors to follow in the case that you can’t communicate them. So, this only comes into play when you’re incapacitated. That can result from a degenerative disease you may have, such as Alzheimer’s, which is terminal. Or, it could be necessary in case you suffer severe brain trauma. Either way, the living will preserves your wishes for how you want to handle those scenarios.

Often, a person will use the document to approve or disapprove life-sustaining procedures. This can include measures like breathing tubes, medication intake and dialysis.

You draft the living will while you’re still sound of mind and body. As long as you’re mentally fit, you can change or revoke the document at any time. However, they’re often made in combination with a power of attorney for healthcare. This is an individual who you choose to make medical-related decisions on your behalf. If you want to change your living will, you should inform your POA for healthcare.

Do-Not-Resuscitate Order Explained

Although you may see a DNR floating in the same conversations as a living will, they are not the same. A DNR is essentially a medical document that tells your doctors what to do if your heart or breathing stops. In this case, it asks the medical professionals not to revive you using cardiopulmonary resuscitation. A DNR is usually only for the chronically ill, frail and elderly. This is because of two main reasons.

The first is that resuscitation can be physically traumatic and even lead to broken ribs or punctured lungs – damage that is difficult for certain groups. The second reason is that resuscitation may require medical intervention the patient otherwise did not want. Moreover, a natural death can be easier to accept.

Living Will vs. DNR: Key Differences

It’s vital to know the difference between a living will and a DNR as you do your estate planning. This is even more important for aging and ill individuals or those considering their estate plans.

So, to review, a living will and a DNR are two different documents. The former is a legal document, while the latter is a medical one. Their main similarity is that they both provide instructions for your doctors and loved ones to follow when you can’t properly communicate. A living will provides an outline of medical procedures that you either do or do not want. Also, it usually involves life-sustaining treatment and end-of-life care, which is more complex than a DNR. In contrast, a DNR focuses on a single medical procedure and typically does not require a living will, although a DNR can be included in the other.

Living Will vs. DNR: Which One Do You Need?

If all you want or require is a DNR or a do-not-intubate (DNI), you only need a DNR. You do not have to pursue a living will as well. However, if you have certain pre-existing conditions or have complicated desires for your future medical care, a living will is valuable insurance. It will protect your wishes when you are not in the position to do so. On top of that, a living will can support spiritual, religious, or otherwise personal medical decisions as well.

The Takeaway

While estate planning comes with its difficulties, it’s better to face it head-on. When you decide if you need a DNR or living will, you take a weight off of your and your family’s shoulders. Since medical and end-of-life care is so personal, you avoid family stress and upset by making the decision ahead of time. If you think either option might be right for you, discuss your choices with your family and doctor. Keep in mind that another option is what’s called a medical order for life-sustaining treatment. You can also speak with an estate planning attorney to discuss your living will options.

Tips for Estate Planning

  • Income in America is taxed by the federal government, most state governments and many local governments. The federal income tax system is progressive, so the rate of taxation increases as income increases. A federal income tax calculator can give you a quick read on what you owe Uncle Sam.
  • Consider working with a financial advisor as you do your estate planning. Finding one doesn’t have to be hard. With SmartAsset’s financial advisor match-up tool, you can get connected with local, experienced advisors in minutes. If you’re ready for the help you deserve, get started now.

Photo credit: ©iStock.com/kupicoo, ©iStock.com/svetikd, ©iStock.com/courtneyk

Ashley Chorpenning Ashley Chorpenning is an experienced financial writer currently serving as an investment and insurance expert at SmartAsset. In addition to being a contributing writer at SmartAsset, she writes for solo entrepreneurs as well as for Fortune 500 companies. Ashley is a finance graduate of the University of Cincinnati. When she isn’t helping people understand their finances, you may find Ashley cage diving with great whites or on safari in South Africa.
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